N2.2bn Fraud: Ex- Ekiti Gov, Fayose, Gets N50m Bail

Justice Mojisola Olatoregun of the Federal High Court sitting in Ikoyi, Lagos, on Wednesday, October 24, 2018, granted bail to a former governor of Ekiti State , Ayodele Fayose, who is facing trial over an alleged N2.2bn fraud, in the sum of N50m( Fifty Million Naira).

The former governor, who was charged alongside his company, Spotless Limited, was arraigned on Monday, October 22, 2018 on an 11-count charge bordering on fraud and money laundering to the tune of N2.2bn.

Fayose is facing trial in connection with N1.299 billion and $5.3million allegedly allocated to him out of the N4.65 billion slush fund shared by the Office of the National Security Adviser, ONSA, through a former Minister of State for Defence, Musiliu Obanikoro.

Fayose was said to have acquired properties in some parts of Lagos and
Abuja from the money, which was released for his 2014 governorship campaign.

One of the counts reads: “That you, Mr. Ayodele Fayose and Mr. Abiodun Agbele (now facing another charge) on or about 17th June, 2014 in Lagos, within the jurisdiction of this Honourable Court, took possession of the sum of N1, 219, 000, 000.00 (One Billion, Two Hundred and Nineteen Million Naira) to fund your 2014 gubernatorial
campaign in Ekiti State, which sum you reasonably ought to have known formed part of the proceeds of an unlawful act to wit: criminal breach of trust/stealing and you thereby committed an offence contrary to Section 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15 (3) and (4) of the same Act.”

He pleaded not guilty to the charge preferred against him.

At the last sitting, counsel to the prosecution, Rotimi Oyedepo, prayed the court to remand the defendant in prison custody. However, counsel to the defendant, Kanu Agabi, SAN, told the court about an application for bail on behalf of this client.

Consequently, Justice Olatoregun had adjourned the case to October 24, 2018 (today) for hearing of the bail application and ordered the defendant to be remanded in the EFCC custody.

In her ruling on the bail application today, Justice Olatoregun granted the former governor bail in the sum of N50m with two sureties in like sum. One of the sureties must have a N50 million bond with a reputable insurance company and must also show evidence of three years tax payment.

The Judge further held that the defendant must be available in court during subsequent proceedings; otherwise, the bail will be revoked. The defendant was also ordered to submit his international passport to the registrar of the court.

The Judge, however, ordered the defendant to be remanded in prison
custody pending the fulfillment of his bail conditions.

The case was adjourned to November 19, 2018 for commencement of trial.

Wilson Uwujaren
Head, Media and Publicity